OTTAWA, NOV 25 (Reuters) – Canada recorded a C$1.72 billion ($1.29 billion) budget surplus for the first six months of the 2022/23 fiscal year, helped by higher tax revenues, the finance ministry said on Friday.
By comparison, Canada posted a C$68.57 billion deficit in the period from April to September 2021.
Year-to-date revenues were up 18.6% on a broad-based improvement in income streams. Program expenses were down 17.9%, largely reflecting lower transfers to individuals and businesses as COVID-19 support wound down, the finance ministry said.
“The government’s 2022-23 financial results continue to improve compared to 2021-22 as the fiscal impact of the COVID-19 crisis and the unprecedented level of temporary COVID-19 response measures wane,” the ministry said in a statement.
On a monthly basis, Canada posted a deficit of C$2.16 billion in September, compared to the C$11.41 billion deficit recorded a year ago.
($1 = 1.3382 Canadian dollars)
(Reporting by Ismail Shakil, editing by Fergal Smith)